Millionaires Won't Sit Still for Higher Taxes

Rich investors would work hard to avoid Obama's tax hikes aimed at them.

The rich are different from you and me, F. Scott Fitzgerald famously observed. And it's not just because they have more money, as Ernest Hemingway equally famously responded. Unlike the rest of us, they don't stand still for taxes.

That comes to mind with the proposals outlined in President Obama's State of Union address Tuesday that would effectively codify the so-called Buffett Rule -- that billionaires should not pay a lower tax rate than their secretaries. With the secretary of the chief executive of Berkshire Hathaway...